KUALA LUMPUR: Malaysia is on track to become global medical technology (medtech) hub with the country's strong policies in attracting and executing the right investments, including the New Industrial Master Plan 2030 (NIMP 2030), said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said the ministry will continue with the industrial reforms to ensure the resilience and sustainability of Malaysia's medtech growth to realise this ambitious vision.
“Strengthening Malaysia’s position as a medtech hub, as provided for in NIMP 2030, is not just a strategy. It is also Malaysia’s commitment to safeguarding lives, contributing to Asean’s growth, as well as supporting the global health and wellness sector,” he said in his keynote speech at the International Medical Device Exhibition and Conference in conjunction with Malaysia’s hosting the 28th annual meeting of the Global Harmonisation Working Party here today.
He invited stakeholders to join his ministry in this transformative journey.
Tengku Zafrul emphasised that medtech plays an important role in enhancing healthcare delivery, improving patient outcomes, and driving economic development, and therefore, medtech is clearly an industry that transcends borders in addressing global health challenges.
The global medical devices market size was valued at more than US$518 billion (RM2.3 trillion) in 2023, and it is projected to grow from US$542 billion in 2024 to almost US$887 billion by 2032, representing a compound annual growth rate of 6.3% during the period.
The minister pointed out that Malaysia’s medtech industry is well-supported by the right policies to grow sustainably through NIMP 2030.
For the medtech sector, Tengku Zafrul said, the ministry wants industries to focus on personalised medicine, digital health, and medical robotics to drive economic complexity, efficiency and value-added growth.
He called fon industries to embrace Industry 4.0 technologies such as artificial intelligence, Internet of Things and robotics.
Tengku Zafrul also urged industries to foster more strategic partnerships, in which global medtech companies collaborate with domestic industry leaders to strengthen the local ecosystem and help companies access global supply chains.
“Our medical device industry is currently host to over 200 manufacturers, who collectively generated RM28.15 billion of exports of medical devices in 2023. Thirty of those companies are multinational companies that have made Malaysia their manufacturing base, including renowned brands such as Abbott and B-Braun,” he added.
Tengku Zafrul said the total export of medical devices was valued at RM27.2 billion, a 30.0% increase year-on-year from January-September 2024, which means that exports for 2024 are set to surpass last year’s figure by a comfortable margin. – Bernama
